Iowa Code 501B.20 – Member’s resignation
Current as of: 2023 | Check for updates
|
Other versions
1. A member may resign as a member in accordance with the governing principles. In the absence of applicable governing principles, a member may resign at any time.
Terms Used In Iowa Code 501B.20
- Governing principles: includes any amendment or restatement of the agreements constituting the governing principles. See Iowa Code 501B.2
- Member: means a person that, under the governing principles, may participate in the selection of persons authorized to manage the affairs of the unincorporated nonprofit association or in the development of the policies and activities of the association. See Iowa Code 501B.2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
2. Unless the governing principles provide otherwise, resignation of a member does not relieve the member from any unpaid capital contribution, dues, assessments, fees, or other obligation incurred or commitment made by the member before resignation.